Social Security
Besides your 9-digits, you must know THIS number
Social Security benefits are calculated based on earnings from your top 35 working years. But the age at which you initially file causes that number to fluctuate substantially. If you wait until full retirement age to collect benefits (66 or 67 depending on…
Rising Inequality & Social Security’s Shortfall: The link
In this interesting piece Sean Williams of The Motley Fool suggests lawmakers will have to tackle rising income inequality in order to address the solvency of the Social Security program for future generations. How are the two linked? Williams notes wealthier people…
Last group eligible in 2019 for spousal claiming strategy
Mart Beth Franklin explains in detail and seeks to clear up confusion on who is and who is not eligible for a particular spousal claiming strategy. In short, those born after the Jan. 1, 1954, cutoff date will never have…
File for and then delay benefits explained here
Tom Margeneau is an expert of Social Security rules and regulations who writes articles nationally. He devotes this week’s column to people turning 66 before Jan. 2, 2020. They can use a legal loophole allowing them to file for spousal benefits…
Don’t tax or expand Social Security for the rich
Andrew Biggs of The American Enterprise Institute argues Social Security needs targeted reforms, not an across-the-board benefit increase for many retirees who already are doing well, as is being proposed in the House Democrats proposal known as The Social Security…
The Unnoticed Trillion Dollar Budget Gap
In the 1980s critics of overspending pointed to record deficits (averaging $167 billion a year then) and were often met with replies from supply-siders—“Don’t worry about federal deficits. They’re big enough of take care of themselves.” President Reagan even uttered…
Tortoise & Hare: Who gets more Social Security?
Michael Taylor has some fun here explaining exactly how Social Security benefits are calculated using one’s annual income and number of years in the workforce. In this light-hearted example, who would get more in retirement, a hare would earned the maximum salary (currently $132,900)…
Want a big Social Security payout? Wait until 70.
Just 3% of Social Security beneficiaries wait until age 70, the maximum age, to start benefits. That’s a shame according to Maurie Backman, because delaying until age 70 yields one the highest payout possible, for the rest of one’s life. In fact, monthly…
Not the time to expand Social Security given its finances
In this article by Watchdog, Bethany Blankley criticizes The Social Security 2100 Act as proposed by Rep. John Larson (D-CT) as the wrong time to expand Social Security benefits to the wealthiest demographic group at the expense of raising taxes on…
Retirement Reforms Could be a Reality in This Congress
The House Ways and Means Committee under the chairmanship of Richard Neal (D-MA) seems poised to tackle issues like Social Security solvency and other retirement issues this session. Indeed, one hearing on the topic has already been held this month. …